In the outside markets, the NYMEX crude oil is $0.77 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 15 points.

Tim Hannagan, PFGBest.com grain analyst, says the markets started lower off of month-end profit-taking by large trading funds. "But, like each drop this week, and there were three lower opening days, funds and specs, come right back in buying. No one wants to sell short prior the Nov. 9 USDA Crop Report. So, breaks all week were buying opportunities, yet month-end had rallies sold all week," Hannagan says.

Hannagan adds, "Don't expect higher closes for corn or beans as rains over the week in Brazil look to bring lower prices in Sunday night and Monday's trade. Buying will re-enter Tuesday on pre report positioning."

Meanwhile, for Friday's trade, wheat led the short covering off the low on concerns over a 10-day forecast for dry U.S. wheat states, Hannagan says. "Plus, the Business Week publication issued a bullish wheat report today on top of a week of friendly wheat news."

There's a lot of floor talk about a U.S. corn shipment being rejected by a Chinese company due to traces of genetically modified organisms.

"I think it's gamesmanship on the part of the Chinese. Perhaps the company that rejected the load didn't get the memo that China will begin to import U.S. corn," one CME Group floor trader says.

He adds, "The market will keep an eye on how China handles this issue. However, there is more focus on new U.S. yield estimates that will be released next week by private firms."

Also, today is the first notice day for CBOT November soybean futures. There were about 500 contracts delivered, less than expected. One trader says it's a non-event.